Updated from 1:39 p.m. EST

Securities and Exchange Commission

staff members have recommended enforcement action against

Siebel Systems

(SEBL)

for Regulation FD violations tied to a dinner with analysts.

In its quarterly filing with the SEC, Siebel said the agency notified the company and two of its officers of the staff recommendation to take action against Siebel and the officers in connection with statements made before and during the April 30 dinner.

Siebel and its officers have filed submissions with the SEC in response to the potential actions, which the company believes contain "numerous meritorious defenses" to the allegations. No enforcement action has been initiated, and no findings have been issued.

The SEC

inquiry came after a May 1 news report about a jump in the software maker's shares after the April 30 dinner attended by Siebel CFO Ken Goldman and a number of analysts.

Shares of Siebel inched up a nickel, or 0.4%, to $13.77 in recent trading.